Three fintech solutions reached a project milestone for the government's business cards

Three fintech solutions reached a project milestone for the government's business cards

Three fintech solutions have met the Financial Management Authority's basic technical requirements in the project on digital data submission for the government's business cards, thereby completing the project's first phase. The solutions Kardio, Kortalausnir and Síminn Pay have therefore advanced to the next phase of testing.

The project is about opening up new ways to receive and process accounting data for the public sector's business cards. Today, the process largely relies on manual work for collecting supporting documents, reviewing information and recording card transactions. The aim is to increase efficiency, improve data quality, and reduce paper-based records and repetitive manual work in the process.

In the first phase of testing, the focus included whether fintech solutions could submit accounting data in digital form in accordance with the Financial Management Authority's basic technical requirements. It also looked at whether the institutions' experience with the solutions indicated that they could create value in the day-to-day handling of card transactions.

Kardio, Kortalausnir and Síminn Pay have now met the basic technical requirements set for advancing to the next phase of the project. The next steps involve fully developing all data-reception conditions and continued testing with a number of public sector users.

Further information is available on the project's website: Fintech solutions for the government's business cards | Ísland.is